Bank Nifty prediction today—Oct 12, 2023: Gaining momentum, poised for potential upside

Bank Nifty futures (44,760)

Bank Nifty opened the session at 44,571 against its Wednesday’s close of 44,517. The index is now trading at around 44,580, up 0.15 per cent.

The positive bias is supported by the advance/decline ratio at 9/3. Federal Bank, up 2.2 per cent, is the top gainer, while IDFC First Bank, up 0.6 per cent, is the top loser.

Nifty PSU Bank index has gained 0.4 per cent, while Nifty Private Bank index has advanced 0.2 per cent so far. Overall, the public sector banks are broadly outperforming their private sector peers.

Bank Nifty futures

The October Bank Nifty futures opened today’s session higher at 44,725 against yesterday’s close of 44,686. It is currently trading at 44,760, up 0.15 per cent.

Also read: Nifty prediction today – October 12, 2023: Support ahead. Traders with high-risk appetite can go long 

The trend will be bullish as long as the contract stays above 44,500. The chart indicates a rally from the current levels, taking the Bank Nifty futures to 45,000 and then potentially to 45,200.

On the other hand, if the contract falls below the support at 44,500, it has support in the vicinity of 44,350. A decline below 44,350 looks less probable at the moment.

Hence, traders can consider long positions.

Trade strategy

Buy Bank Nifty futures now at 44,760 and add longs if the price dips to 44,500. Place initial stop-loss at 44,400. Book profits at 45,000.

Supports: 44,500 and 44,350

Resistances: 45,000 and 45,200